FLORIDA STATE BOARD OF ADMINISTRATION (Private Equity) ALTERNATIVE ASSET FUNDING STATUS & PERFORMANCE SUMMARY Inception Through March 31, 2018

Transcription

1 FLORIDA STATE BOARD OF ADMINISTRATION (Private Equity) ALTERNATIVE ASSET FUNDING STATUS & PERFORMANCE SUMMARY Inception Through March 31, 2018 Reporting Currency: U.S. Dollars ($) 3i Europartners Vb, L.P. 06/06 77,440,017 73,485,626 71,358, % 3i Growth Capital Fund, L.P. 03/10 54,440,286 31,535,239 29,292, % ABRY Partners VII, L.P. 04/11 75,000,000 68,658,096 94,654,090 28,536, % ABRY Partners VIII, L.P. 05/14 75,000,000 64,912,810 10,578,878 66,951, % Accel-KKR Structured Capital Partners II, LP 01/14 25,000,000 11,071,330 2,791,620 9,742, % Accel-KKR Capital Partners V 07/15 50,000,000 11,235, ,248, % Advent International GPE VI-D, L.P. 03/08 58,000,000 58,000,000 94,175,353 27,687, % Advent International GPE VII-D, L.P. 06/12 102,335,815 93,277,480 48,601, ,400, % Advent International Global Private Equity VIII-D 01/16 150,000,000 73,725, ,758, % American Industrial Partners Capital Fund VI, L.P. 09/15 50,000,000 33,803,178 3,593,672 30,080, % Apax VIII-B, L.P. 11/11 157,584, ,185,066 42,887, ,510, % Apollo Investment Fund IV, L.P. 12/97 250,000, ,492, ,190, % Apollo Investment Fund V, L.P. 07/00 150,000, ,648, ,551, % Apollo Investment Fund VI L.P. 08/05 200,000, ,181, ,469, % Apollo Investment Fund VII, L.P. 06/07 200,000, ,245, ,625, % Apollo Investment Fund VIII, L.P. 10/12 200,000, ,906,378 50,771, ,839, % Apollo Investment Fund IX, L.P. 12/16 200,000, NA NA Ardian LBO Fund VI, L.P 04/16 98,905,446 40,674, ,442 42,233, % Ardian Secondary Fund VI, L.P. 07/13 150,000,000 98,919,040 37,572,227 98,122, % Ares Corporate Opportunities Fund III, L.P. 11/07 100,000,000 91,168, ,051, ,202, % Ares Corporate Opportunities Fund IV, L.P. 02/12 200,000, ,523,566 96,196, ,886, % Ares Corporate Opportunities Fund V 09/15 200,000,000 58,538, ,163, NA ASF VII, L.P. 01/15 150,000,000 46,817,885 2,380,292 52,949, % Asia Alternatives FL Investor, LP 03/14 200,000, ,729,264 8,625, ,411, % Asia Alternatives FL Investor II, LP 01/17 200,000,000 8,351, ,711, NA Atlas Capital Resources II 11/13 20,000,000 14,384,046 3,256,614 14,843, % Atlas Capital Resources III, L.P. 03/18 50,000, NA NA AXA LBO Fund V, L.P. 03/12 76,858,858 68,926,553 23,455,349 80,973, % AXA Secondary Fund V, L.P. 12/10 100,000,000 81,407, ,877,381 19,933, % BC European Capital IX, L.P. 08/10 101,118,077 48,925,064 53,495, % Berkshire Fund VIII, L.P. 01/11 60,000,000 57,763,483 38,155,406 45,092, % Berkshire Fund IX, L.P. 09/15 110,000,000 38,198, ,540, % Blackstone Capital Partners V, L.P. 10/05 150,000, ,104, ,262, % Blackstone Capital Partners VI, L.P. 12/07 200,000, ,367,897 91,841, ,383, % Blackstone Capital Partners VII, L.P. 09/14 180,000,000 47,258,951 2,618,688 49,352, % Carlyle Asia Growth Partners IV, L.P. 03/08 75,000,000 74,535,984 63,782,277 30,685, % Carlyle Europe Partners III, L.P. 12/06 66,000,377 65,044, ,866, % Carlyle Partners II, L.P. 09/94 200,000, ,972, ,409, % Carlyle Partners III, L.P. 11/99 200,000, ,781, ,780, % Carlyle Partners IV, L.P. 12/04 75,000,000 73,611, ,497,285 1,943, % Carlyle Partners V, L.P. 02/07 200,000, ,586, ,900, % Carlyle Partners VI, L.P. 01/12 200,000, ,731,877 41,083, ,566, % Carlyle Partners VII 06/17 100,000, NA NA Carnelian Energy Capital II 02/17 40,000,000 4,743, ,025, NA Centre Capital Investors II, L.P. 01/95 200,000, ,132, ,034, % Charlesbank Equity Fund VII, L.P. 04/09 75,000,000 70,129, ,879,174 39,856, % Charlesbank Equity Fund VIII, L.P. 06/14 85,000,000 78,524,345 17,859,398 77,239, % Charlesbank Equity Fund IX, L.P. 01/17 105,000, NA NA Charlesbank Fund IX Overage Allocation Program 01/17 10,000, NA NA Charterhouse Capital Partners IX, L.P. 08/08 90,366,890 71,396,612 96,335, % Chartwell Capital Investors II, L.P. 10/98 50,000,000 52,675,460 70,708, % Corporate Partners, L.P. 08/88 149,192, ,102, ,812, % Cortec Group Fund V, L.P. 12/10 50,000,000 50,936,845 20,768, ,674, % Cortec Group Fund VI, L.P. 02/15 75,000,000 50,554,991 14,843,445 33,002, % Cressey & Company Fund IV, L.P. 10/07 50,000,000 47,090,057 57,591,770 42,058, % Cressey & Company Fund V LP 07/14 75,000,000 49,500,000 3,372,416 60,058, % Cressey & Company Fund VI LP 08/18 100,000, NA NA Cressey & Company Overage Fund VI LP 08/18 10,000, NA NA CVC European Equity Partners V, L.P. 10/07 102,826,253 93,349, ,920,324 34,032, % CVC Capital Partners VI, L.P. 05/13 102,645,517 78,691,686 16,066,187 78,688, % CVC Capital Partners VII 01/17 94,927, NA NA Cypress Equity Group Trust 12/96 15,000,000 9,231,932 19,830, % DCPF VI Oil and Gas Coinvestment Fund LP 09/13 50,000,000 43,044,132 23,027,131 42,151, % Denham Commodity Partners Fund VI, L.P. 11/11 100,000,000 99,381,668 47,770,958 71,421, % Denham Oil & Gas Fund LP 05/16 100,000,000 57,265,689 16,706,238 46,832, % EnCap Energy Capital Fund VIII, L.P. 10/10 75,000,000 70,300,930 38,790,972 24,025, % EnCap Energy Capital Fund IX, L.P. 12/12 75,000,000 74,480,854 45,306,857 54,113, % EnCap Energy Capital Fund X, L.P. 03/15 100,000,000 73,706,958 14,317,630 69,636, % EnCap Energy Capital Fund XI, L.P. 12/16 100,000,000 7,069, ,795, NA EnCap Flatrock Midstream Fund III 04/14 50,000,000 29,868,359 20,937,579 17,986, % EnCap Flatrock Midstream Fund IV 11/17 65,000,000 2,608, ,374, NA Energy Capital Partners II, L.P. 12/08 100,000,000 71,229,735 79,954,456 40,164, % Energy Capital Partners III, L.P. 07/13 150,000, ,017,458 13,058, ,786, % EnerVest Energy Institutional Fund XII, Ltd 12/09 60,000,000 60,004,730 38,071, , % EnerVest Energy Institutional Fund XIII, Ltd. 12/12 100,000, ,981,851 9,552, % EnerVest Energy Institutional Fund XIV 04/15 100,000, ,775,115 17,271,106 95,774, % Equistone European Fund V 03/15 74,366,455 61,542, ,490 77,364, % Equistone Partners Europe Fund VI 09/17 106,069, NA NA European Private Equity Opportunities I, L.P. 06/16 49,181,385 11,269,261 2,337,049 9,717, % Fairview Special Opportunities Fund, L.P. 03/11 220,000, ,814,287 67,700, ,284, % Fairview Special Opportunities Fund II 02/15 87,000,000 55,575, ,440 56,572, % Fairview Ventures Fund II, L.P. 11/02 50,000,000 50,000,000 48,826,957 21,457, % Fairview Ventures III, L.P. 03/06 75,000,000 73,050,000 82,426,968 64,518, % First Reserve Fund XI, L.P. 07/06 100,000, ,000,000 60,132,157 5,405, % First Reserve Fund XII, L.P. 07/08 200,000, ,634,854 97,212,954 44,336, % Francisco Partners III, L.P. 08/09 75,000,000 68,512,500 95,332,191 61,053, % Francisco Partners IV, LP 06/14 75,000,000 73,087, ,590, % Francisco Partners V, L.P. 08/17 75,000, NA NA FS Equity Partners V, L.P. 07/02 50,000,000 40,136,967 84,176, %

2 FS Equity Partners VI, L.P. 01/09 75,000,000 74,796, ,258, ,895, % FS Equity Partners VII, L.P. 01/14 100,000,000 77,006,755 12,358,365 69,393, % Gores Capital Partners, L.P. 08/03 50,000,000 47,063,636 60,965, % Gores Capital Partners II, L.P. 03/07 50,000,000 45,307,913 51,590, % Gores Capital Partners III, L.P. 08/09 125,000, ,124, ,839, % Green Equity Investors III, L.P. 09/98 60,000,000 54,613, ,883, % Green Equity Investors IV, L.P. 09/02 100,000, ,786, ,999, % Green Equity Investors V, L.P. 11/06 100,000, ,347, ,627, % Green Equity Investors VI, L.P. 09/11 200,000, ,567, ,730, % Grove Street Partners Buyout, L.P. 01/06 150,000, ,992, ,924,719 57,894, % Grove Street Partners Buyout II, L.P. 10/10 200,000, ,117,321 76,890, ,989, % Grove Street Partners Ventures, L.P. 05/04 200,000, ,298, ,290,769 98,053, % Grove Street Partners Ventures II, L.P. 02/08 200,000, ,322, ,981, ,178, % Grove Street Partners Ventures III, L.P. 08/12 150,000, ,795,334 11,980, ,161, % Hellman & Friedman Capital Partners V, L.P. 08/04 75,000,000 67,744, ,087,008 1,237, % Hellman & Friedman Capital Partners VI, L.P. 10/06 100,000,000 97,041, ,450, % Hellman & Friedman Capital Partners VII, L.P. 02/09 200,000, ,336, ,641, ,334, % Hellman & Friedman Capital Partners VIII, L.P. 09/14 200,000,000 96,688,069 13,638, ,029, % Hicks, Muse, Tate & Furst Equity Fund III, L.P. 05/96 200,000, ,258, ,304, % Hicks, Muse, Tate & Furst Equity Fund IV, L.P. 03/98 400,000, ,434, ,275, % Hicks, Muse, Tate & Furst Equity Fund V, L.P. 07/00 25,000,000 27,231,920 48,289, % Inflexion Buyout Fund IV, L.P. 04/14 52,587,527 40,072,122 3,336,777 46,808, % Inflexion Enterprise Fund IV 03/16 19,982,149 10,460,212 3,710,473 6,849, % Inflexion Partnership Capital Fund I, L.P. 04/14 26,372,724 16,357,233 1,931,628 18,799, % Insight Venture Partners Growth-Buyout Coinvestment Fund, L.P. 10/14 50,000,000 40,250,000 7,647,163 64,313, % Insight Venture Partners VIII, L.P. 02/13 75,000,000 74,472,811 21,949, ,981, % Insight Venture Partners IX, L.P. 10/14 75,000,000 67,875,000 4,310,179 98,011, % Investindustrial VI, L.P. 10/15 55,802,326 8,618, ,211, % J.H. Whitney VII, L.P. 01/10 75,000,000 70,084,671 57,419,902 51,866, % Kelso Investment Associates VII, L.P. 06/03 50,000,000 47,514,909 81,982, % Kelso Investment Associates VIII, L.P. 05/07 100,000,000 85,871, ,469, % KKR Asian Fund II, L.P. 10/11 100,000,000 96,153,272 22,606, ,900, % KKR Asian Fund III, L.P. 10/16 150,000,000 10,439, ,963, NA KKR European Fund III, L.P. 05/07 58,757,859 50,706,630 53,362, % Kohlberg Investors V, L.P. 06/04 45,000,000 42,466,621 45,208, % Kohlberg Investors VI, L.P. 03/07 50,000,000 43,063,311 72,089, % KPS Special Situations Supplemental Fund III, L.P. 06/09 50,000,000 31,761,729 47,993,521 21,827, % KPS Special Situations Fund IV, L.P. 01/13 150,000,000 48,309,933 16,932,958 47,018, % LCP FSBA Co-Invest Account 01/16 200,000,000 38,803,405 6,146,836 45,815, % Lexington Capital Partners IV, L.P. 05/00 200,000, ,224, ,392, % Lexington Capital Partners V, L.P. 10/01 100,000,000 99,513, ,317,893 4,715, % Lexington Capital Partners VI, L.P. 05/05 100,000, ,132, ,936,316 13,817, % Lexington Capital Partners VII, L.P. 01/09 200,000, ,931, ,515,069 71,552, % Lexington Capital Partners VIII, L.P. 08/13 250,000, ,396,349 51,636, ,787, % Lexington Co-Investment Partners (Pools I & II), L.P. 01/98 500,000, ,974, ,610, % Lexington Co-Investment Partners II (Pools III & IV), L.P. 01/98 500,000, ,794,418 1,068,275,544 38,526, % Lexington Co-Investment Partners 2005 (Pools I & II), L.P. 08/05 500,000, ,849, ,927, ,962, % Lexington Co-Investment Partners 2005 (Pool III), L.P. 03/12 500,000, ,254, ,238, ,559, % Lexington Co-Investment Partners 2005 Pool IV 12/15 500,000, ,548, ,671, NA Lexington Middle Market Investors III, L.P. 12/12 100,000,000 64,273,540 36,074,745 58,609, % Liberty Partners Pool I 03/93 205,686, ,347, ,437, % Liberty Partners Pool II 06/94 359,789, ,606, ,073, % Liberty Partners Pool III 06/96 506,208, ,232, ,362, % Liberty Partners Pool IV 12/98 195,075, ,104, ,103, % Liberty Partners Pool V 03/99 329,664, ,297, ,920, % Liberty Partners Pool VI 03/02 595,484,687 1,315,567,216 1,127,882, , % Liberty Partners Pool VII 12/05 290,808, ,801, ,778,132 8,999, % Liberty Partners Group II, L.P. 05/08 9,766, , NA Lightbay Investment Partners LP 06/17 50,000, NA NA Lindsay, Goldberg & Bessemer II, L.P. 07/06 100,000,000 92,552, ,178, % Lindsay, Goldberg & Bessemer III, L.P. 07/08 100,000,000 92,507, ,182, % Montagu Private Equity IV, L.P. 12/10 56,819,796 46,859,202 42,716,261 30,200, % Montagu V 10/14 111,109,877 35,797,789 8,225,917 34,884, % New Mountain Partners II, L.P. 03/04 50,000,000 40,792,023 82,743,413 1,566, % New Mountain Partners III, L.P. 03/07 100,000,000 92,776, ,140,695 68,665, % New Mountain Partners IV, L.P. 10/12 100,000,000 88,785,577 17,141, ,825, % OpCapita Consumer Opportunities Fund II 04/16 38,251,366 12,736, ,120 11,358, % OpenView Venture Partners IV, L.P. 08/14 25,000,000 17,225, ,021, % OpenView Venture Partners V, L.P. 05/17 25,000,000 9,325, ,005, NA PAI Europe V, L.P. 06/07 42,563,071 35,666,465 46,401, % Pantheon Global Secondary Fund IV, L.P. 11/08 100,000,000 66,400,000 81,800,000 22,498, % Pantheon Venture Partners II, L.P. 01/04 100,000,000 98,247, ,750,001 45,592, % Paul Capital Top Tier Investments II, L.P. 12/01 120,000, ,117, ,463,696 14,998, % Paul Capital Top Tier Investments III, L.P. 12/04 75,000,000 73,053,715 73,150,117 24,756, % Paul Capital Top Tier Investments IV, L.P. 04/07 100,000, ,069, ,700,220 94,889, % Paul Capital Top Tier Special Opportunities Fund, L.P. 04/09 12,450,000 11,932,501 5,089,494 2,454, % Peak Rock Capital Credit Fund II 11/16 20,000,000 1,357, , , NA Peak Rock Capital Fund II, L.P. 11/16 80,000,000 5,379,029 1,041,359 5,237, NA Permira European Fund IV, L.P. 07/06 64,037,705 66,661, ,162, % Permira V, LP 08/12 136,860,690 85,060,464 18,766, ,356, % Platinum Equity Capital Partners, L.P. 09/03 50,000,000 34,606, ,796, % Platinum Equity Capital Partners II, L.P. 09/07 75,000,000 68,024,290 99,691,797 8,162, % Platinum Equity Capital Partners III, L.P. 12/11 200,000, ,059, ,968, ,169, % Post Oak Energy Partners II, LP 11/13 25,000,000 25,068,694 10,714,732 34,082, % Post Oak Energy Partners III, LP 04/16 60,000,000 30,934, ,192, % Post Oak Energy Partners IV, LP 10/17 60,000, NA NA Pomona Capital VI (Combined), L.P. 12/04 50,000,000 44,551,931 52,924,981 6,711, %

3 Pomona Capital VII (Combined), L.P. 11/07 50,000,000 42,172,835 54,571, , % Providence Equity Partners VI, L.P. 12/06 50,000,000 47,684,103 69,769, % Providence Equity Partners VII, L.P. 06/11 200,000, ,924, ,861, ,776, % RCP Advisors Fund IV, L.P. 01/06 50,000,000 54,745,286 84,123,823 17,455, % RCP Advisors Fund V, L.P. 01/07 50,000,000 56,699,343 70,968,944 30,879, % RCP Advisors Fund VI, L.P. 01/08 50,000,000 55,945,003 55,886,413 37,713, % RCP Advisors Fund VII, L.P. 02/09 50,000,000 50,905,374 33,023,743 54,996, % RCP Advisors Fund VIII, L.P. 08/11 50,000,000 44,126,215 17,464,577 45,414, % RCP Advisors Fund IX, L.P. 06/13 50,000,000 32,081,388 2,684,001 33,874, % RCP Advisors Fund X 12/14 50,000,000 19,000, ,503, % Ripplewood Partners, L.P. 08/96 100,000,000 96,498, ,333, % Ripplewood Partners II, L.P. 12/00 100,000,000 97,676, ,568, % Riverside Capital Appreciation Fund 2008, L.P. 03/08 75,000,000 67,916,041 89,754, % Riverside Capital Appreciation Fund VI, L.P. 07/12 75,000,000 67,403,428 24,372,385 73,294, % Riverside Europe Fund IV, L.P. 12/08 49,699,937 47,580,396 49,531, % Rubicon Technology Partners L.P. 09/13 50,000,000 42,541, ,486, % Rubicon Technology Partners II 08/16 76,000,000 14,745, ,123, NA Searchlight Partners II, L.P. 06/15 100,000,000 52,031,532 16,289,487 53,955, % Silicon Valley Bank SIF V, L.P. 02/11 125,000, ,187,500 18,738, ,182, % Silicon Valley Bank SIF V-A Opportunity, L.P. 02/11 50,000,000 37,387,500 8,806,250 79,176, % Silicon Valley Bank SIF VI-A 02/13 125,000, ,440,845 5,030, ,295, % Silicon Valley Bank SIF VII, L.P. 09/14 125,000,000 87,712, ,785, % Silicon Valley Bank SIF VIII 02/16 100,000,000 24,432, ,260 22,500, % Silicon Valley Bank Capital Partners III, L.P. 12/13 22,500,000 20,846,246 1,453,547 20,661, % Silicon Valley Bank Capital Partners IV 04/17 25,000,000 3,462, ,891, NA Silicon Valley Bank Overage Fund 03/15 100,575,334 69,772, ,478, % Silver Lake Partners IV, L.P. 02/12 100,000,000 93,302,336 28,307, ,970, % Silver Lake Partners V, L.P. 11/16 140,000, NA NA Siris Partners III 09/14 75,000,000 67,298,996 17,618,775 57,313, % Siris Partners IV, L.P. 01/17 75,000, NA NA Snow Phipps II, L.P. 12/09 50,000,000 38,441,890 52,493, % Summit Partners Growth Equity Fund VIII-A, L.P. 03/11 125,000,000 67,512, ,468, % SVB Strategic Investors Fund IX, L.P. 04/18 70,000, NA NA TA Associates XI, L.P. 04/09 100,000,000 82,750, ,276, % The Energy & Minerals Group Fund III, L.P. 12/13 85,000,000 79,582,155 3,965,542 68,308, % The Rise Fund I, L.P. 07/16 25,000,000 2,333, ,805, NA Thoma Bravo Discover Fund, L.P. 11/15 50,000,000 39,140, ,515, % Thoma Bravo Discover Fund II L..P. 12/17 75,000, NA NA Thoma Bravo Fund IX, L.P. 02/08 50,000,000 51,525, ,991,189 1,139, % Thoma Bravo Fund X, L.P. 08/11 100,000,000 85,325, ,919,452 61,490, % Thoma Bravo Fund XI, L.P. 01/14 150,000, ,728,063 32,654, ,388, % Thoma Bravo XII 02/16 150,000, ,052,904 5,479, ,556, % Thoma Bravo Overage Fund, L.P. 01/13 45,000,000 34,299,881 42,653,577 40,429, % Thoma Bravo Special Opportunities Fund II, L.P. 02/15 50,000,000 51,809,668 6,761,246 68,391, % Thoma Cressey Fund VIII, L.P. 06/05 50,000,000 49,450, ,380,858 1,095, % Thomas H. Lee Equity Fund IV, L.P. 11/97 100,000,000 90,199,963 78,342, % Thomas H. Lee Equity Fund V, L.P. 03/00 50,000,000 52,312,374 85,506, % Thomas H. Lee Equity Fund VI L.P. 04/06 75,000,000 74,227, ,526, % Tiger Iron Special Opportunities Fund, L.P. 02/16 118,460,000 24,831, ,880, % TowerBrook Investors II, L.P. 03/05 75,000,000 55,491,076 93,652,667 5,819, % TowerBrook Investors III, L.P. 10/07 150,000, ,172, ,834,516 24,428, % TowerBrook Investors IV, L.P. 09/12 190,000, ,729,062 48,549,364 96,735, % TowerBrook Investors V, L.P. 03/18 200,000, NA NA TPG Growth Fund II, L.P. 03/11 100,000,000 98,602,694 56,199, ,443, % TPG Growth Fund III, L.P. 02/15 100,000,000 72,796,591 13,684,819 75,518, % TPG Growth IV, L.P. 06/17 100,000, NA NA TPG Partners IV, L.P. 10/03 50,000,000 46,300,567 87,658, % TPG Partners V, L.P. 01/06 100,000,000 88,340, ,111, % TPG Partners VI, L.P. 12/07 200,000, ,036, ,103, % Trident V, L.P. 12/08 75,000,000 75,200,111 49,106,828 73,216, % Trident VI Fund, L.P. 07/13 75,000,000 68,052,372 17,987,138 74,111, % Trident VII, L.P. 07/16 75,000,000 8,210, ,596, NA CVE-Kauffman Fellows Endowment Fund II, L.P. 02/10 100,000,000 86,913,836 9,726, ,263, % TrueBridge FLSBA Special Purpose, LLC 12/11 47,972,078 38,967,500 7,586,211 75,765, % TrueBridge Special Purpose II (F) 09/13 22,500,000 15,776, ,679, % TrueBridge-Kauffman Fellows Fund III, L.P. 04/13 125,000, ,625, ,969, % TrueBridge Capital FSA, LLC 01/15 35,000,000 15,281, ,029, % Truebridge-Kauffman Fellows Endowment Fund IV 07/15 125,000,000 52,500, ,686, % TrueBridge Capital Partners Fund V, L.P. 05/17 100,000,000 1,100, ,135, NA TSG Capital Fund III, L.P. 08/98 100,000, ,963,018 54,615, % W Capital Partners III, L.P. 12/11 75,000,000 56,552,202 11,539,186 67,166, % Warburg Pincus China 12/16 68,000,000 27,608,000 2,924,000 27,864, % Warburg Pincus Private Equity IX, L.P. 06/05 75,000,000 75,000, ,622,885 7,605, % Warburg Pincus Private Equity X, L.P. 06/07 150,000, ,000, ,841,885 73,721, % Warburg Pincus Private Equity Fund XI, L.P. 09/11 200,000, ,200, ,733, ,583, % Warburg Pincus Private Equity Fund XII, L.P. 11/15 87,000,000 47,925, ,000 52,919, % Waterland Private Equity VI, L.P. 04/15 61,110,432 23,684, ,908, %

4 Waterland Private Equity VI Overflow Feeder Fund L.P. 04/15 28,974,931 44, , % Waterland Private Equity Fund VII C.V. 01/17 105,475, NA NA Wellspring Capital Partners III, L.P. 04/02 50,000,000 49,189, ,708, % Wellspring Capital Partners IV, L.P. 04/05 75,000,000 77,179, ,153, % Wellspring Capital Partners V, L.P. 03/09 150,000, ,154, ,958,366 65,682, % Willis Stein & Partners II, L.P. 06/98 40,000,000 40,111,131 23,444, % Willis Stein & Partners III, L.P. 07/00 100,000, ,335, ,898, % 1 Fund internal rate of return includes the cash-on-cash return net of fees, expenses, and carried interest, as well as the net asset value of State Board of Administration of Florida's interest in the partnership. Because of the long-term nature of investing in private investments, funds can produce low or negative returns in the early years of the partnership. In the first few years of the partnership, management fees are drawn from partners' capital, and portfolio companies are held at cost, leading to a potential understatement of ultimate value. Due to numerous factors, including the lack of standardized valuation and reporting standards, the return information for private investments in this report may not reflect the expected returns of the partnerships. The returns contained in this report are calculated by or on behalf of the SBA and have not been reviewed by the general partners. Interim returns may not be meaningful or indicative of ultimate performance during the early stages of the investment life cycle. Some investment partnerships do not include management fees in the commitment; this may result in paid-in capital exceeding the commitment amount in those instances. Funds with NA (not applicable) have not yet commenced or are too young to have produced meaningful returns.

5 FLORIDA STATE BOARD OF ADMINISTRATION (Strategic Investments) ALTERNATIVE ASSET FUNDING STATUS & PERFORMANCE SUMMARY Inception Through March 31, 2018 Reporting Currency: U.S. Dollars ($) ABRY Advanced Securities Fund, L.P. 2 05/08 150,000,000-9,778,583 81,734,388 2,177,839 NA 19.3% ABRY Advanced Securities Fund II, L.P. 03/11 150,000,000 82,501, ,716,041 27,590, % ABRY Advanced Securities Fund III, LP 04/14 150,000,000 72,407,129 12,455,580 85,617, % ABRY Senior Equity Partners III, L.P. 03/10 60,000,000 55,507,710 86,886,948 3,430, % ABRY Senior Equity Partners IV, L.P. 10/12 60,000,000 55,393,134 28,434,218 53,102, % ABRY Senior Equity Partners V, L.P. 10/16 60,000,000 6,455,053 43,068 6,320, % Apollo Credit Liquidity Fund, L.P. 09/07 238,233, ,039, ,139,637 16,871, % Atalaya Special Opportunities Fund VI, L.P. 03/15 100,000,000 91,500,000 26,326,873 77,089, % Audax Credit Opportunities (SBA), LLC 03/10 200,000, ,000, ,456, % Audax Mezzanine Fund IV, L.P. 01/15 150,000,000 32,549,959 6,128,719 28,550, % Bayview Opportunity Master Fund II-B, L.P. 05/10 100,000, ,000, ,118, , % Bayview Opportunity Master Fund IIIb, L.P. 11/11 150,000, ,843, ,523,808 35,883, % Bayview Opportunity Master Fund IV-B, L.P 04/14 150,000, ,530,642 44,273, ,475, % Benefit Street Partners CRE Conduit 11/13 125,000, ,000, ,718, , % Benefit Street Partners Debt Fund IV L.P. 10/16 150,000,000 70,247,387 1,651,222 70,035, NA BlackRock Carbon Capital III, L.P. 10/07 100,000,000 98,892, ,271, % BlackRock Carbon Capital V 06/13 150,000, ,829, ,944,477 51,099, % BlackRock Carbon Capital VI 02/16 150,000,000 75,072,648 20,459,810 59,237, % Blackstone / GSO Capital Solutions Fund, L.P. 03/09 100,000,000 87,032, ,960,584 10,914, % Blackstone Credit Liquidity Partners, L.P. 10/07 250,000, ,252, ,800, % Blackstone Tactical Opportunities Fund II 12/14 200,000, ,077,179 28,159, ,705, % Boston Timber Opportunities, LLC 01/12 300,000, ,321,857 26,023, ,343, % Centerbridge Capital Partners III, L.P. 06/14 125,000,000 69,411,900 13,521,335 68,372, % Carlyle Mezzanine Partners II, L.P. 02/08 150,000, ,384, ,695,872 8,681, % Castlelake II, L.P. 07/10 75,000,000 60,363,408 81,216,686 12,999, % Castlelake III, L.P. 09/13 75,000,000 69,405,348 18,657,625 79,035, % Castlelake IV, L.P. 02/15 95,000,000 92,592,594 10,637, ,131, % Castlelake Aviation III Stable Yield, L.P. 06/16 150,000,000 22,260,702 1,558,263 38,448, NA Cerberus FSBA Levered Loan Opportunities Fund, LP 10/16 200,000, ,940, ,505, % Cerberus Institutional Real Estate Partners - Series Three 07/12 150,000, ,476,102 85,689,167 92,147, % Cerberus Institutional Real Estate Partners Series Four 03/15 200,000,000 87,601,054 23,483,803 62,749, % Chambers Energy Capital III 07/15 50,000,000 26,179,663 4,835,126 22,574, % Coastline Fund, L.P. 03/15 250,000, ,199,929 60,237, ,700, % Coastline Fund, L.P. (Tranche II) 01/18 250,000,000 60,692, ,415, NA Colony Distressed Credit Fund II, L.P. 03/11 75,000,000 64,094,200 67,209,513 24,915, % Colony Distressed Credit Fund III 07/13 150,000, ,956,768 52,200, ,017, % Colony Distressed Credit Fund IV 12/15 150,000, ,933,564 74,367,561 90,503, % CVI Credit Value Fund, L.P. 02/10 100,000,000 95,000, ,613,510 30,605, % CVI Credit Value Fund II, L.P. 11/12 200,000, ,000, ,489, ,414, % CVI Credit Value Fund III, L.P. 07/14 200,000, ,000, ,922, % CVI Credit Value Fund A IV, L.P. 03/17 150,000,000 7,500, ,500, NA CVI Global Value Fund, L.P. 12/06 250,000, ,500, ,566,244 48,990, % Deerfield Private Design Fund IV 07/16 100,000,000 30,000, ,540, % Drum Capital Management Special Situation Partners II, L.P. 04/06 100,000,000 91,121, ,546,092 44,790, % EIG Energy Fund XVI, L.P. 05/13 100,000,000 73,109,354 24,406,266 68,776, % Falcon Strategic Partners III, L.P. 05/08 75,000,000 74,230,654 84,712,464 32,444, % Falcon Strategic Partners IV, L.P. 10/12 100,000,000 84,933,677 34,517,926 94,654, % Florida Growth Fund I, LLC 06/09 250,000, ,637, ,546, ,448, % Florida Growth Fund I (Tranche II), LLC 09/11 250,000, ,736,757 82,709, ,962, % Florida Growth Fund II, LLC 12/14 250,000, ,373,607 15,752, ,797, % GI Partners Fund III, L.P. 04/07 100,000,000 98,863, ,515,400 14,797, % GI Partners Fund IV, L.P. 08/13 150,000, ,461,150 26,322, ,896, % Global Infrastructure Partners II, L.P. 08/10 150,000, ,598,742 72,480, ,615, % Global Infrastructure Partners III, L.P. 10/15 150,000,000 62,851,283 5,749,019 53,986, % GOF II Feeder B 05/17 150,000, NA NA Green Credit Investors, L.P. 12/07 250,000, ,000, ,648,510 29, % GS Distressed Opportunities Fund I, L.P. 04/02 150,000, ,679, ,028,435 10,773, % GSO Capital Opportunities Fund, L.P. 04/07 200,000, ,631, ,916,977 5,498, % GSO Capital Opportunities Fund II, L.P. 11/10 150,000, ,907,217 74,321,571 75,514, % GSO Capital Opportunities Fund III LP 01/16 200,000,000 57,531,673 10,559,064 53,609, % GSO Capital Solutions Fund II, L.P. 04/12 200,000, ,888,391 63,791,972 77,716, % GSO Capital Solutions Fund III LP 02/17 200,000, NA NA GSO Energy Select Opportunities Fund LP 12/14 100,000,000 41,238,272 3,052,097 46,909, % HealthCare Royalty Partners III, L.P. 07/13 65,000,000 40,461,353 21,073,768 22,176, % IFM Global Infrastructure Fund, L.P. 01/08 300,000, ,000, ,916, % Jackson Timberland Opportunities, LLC 06/12 200,000, ,641,289 25,635, ,522, % Lake Jackson, L.P. 04/17 100,000, NA NA LCM Credit Opportunities III 06/16 150,000,000 64,019,149 2,992,302 65,684, % Levine Leichtman Capital Partners IV, L.P. 07/07 100,000,000 84,706, ,948,416 38,449, % Levine Leichtman Capital Partners V, L.P. 08/12 200,000, ,310,911 74,338, ,782, % Levine Leichtman Capital Partners VI, L.P. 11/16 200,000,000 63,957,667 16,894,324 47,766, NA Marathon European Credit Opportunities Fund II 01/14 100,000,000 75,207,473 23,217,758 79,047, %

6 MCP Private Capital Fund III 12/16 94,672,315 10,410,077 50,890 9,829, NA Morgan Stanley Real Estate Mezzanine Fund, L.P. 11/07 44,745,608 44,745,608 19,531, % Oaktree Opportunities Fund VIII, L.P. 05/09 100,000, ,000, ,087,611 14,335, % Oaktree Opportunities Fund IX, L.P. 10/11 100,000, ,000,000 32,895,431 77,394, % Oaktree Opportunities Fund Xb, L.P. 07/14 200,000, NA NA OCM Opportunities Fund VIIb, L.P. 02/07 50,000,000 45,000,000 74,189,948 3,621, % OCM Opportunities Fund VIIIb, L.P. 01/10 50,000,000 50,000,000 36,435,744 27,974, % Orion Fund I, L.P. 04/12 100,000,000 99,253,457 41,452,198 82,781, % Orion Mine Finance Fund II 01/16 100,000,000 56,862,551 7,978,954 46,067, NA Orion Mine Finance Co-Fund II LP 05/17 50,000, NA NA PCG Special Situation Fund, L.P. 07/03 150,000, ,966, ,188,423 20,603, % Primary Wave Music IP Fund I, LP 03/16 75,000,000 24,286,604 10,959,823 12,568, NA Providence TMT Special Situations Fund, L.P. 04/08 150,000, ,636, ,785,517 2,578, % Providence TMT Debt Opportunity Fund II, L.P. 09/10 100,000,000 97,290, ,784,861 17,221, % Providence Debt Fund III L.P. 09/13 150,000, ,162,423 33,667, ,429, % Rubik Holdings Ltd. 12/17 50,000,000 50,000, ,056, NA SBAF Mortgage Fund 06/09 650,000, ,047, ,644, ,150, % Sciens Aviation Special Opportunities Fund III, L.P. 03/14 85,300, ,879,441 67,378,150 39,054, % Sciens Aviation Special Opportunities Fund IV, L.P. 05/17 150,000, NA NA Sprott Private Resource Lending (US), LP 05/14 100,000,000 36,087,225 2,023,283 35,657, NA Square Mile Partners III, L.P. 01/08 100,000, ,222, ,138,393 9,270, % TCW/Crescent Mezzanine Partners V, L.P. 09/07 150,000, ,090, ,239,275 17,239, % TCW/Crescent Mezzanine Partners VI, L.P. 02/11 150,000, ,171,524 88,613,616 81,480, % TCW/Crescent Mezzanine Partners VII, L.P. 01/15 150,000,000 46,858,870 10,591,130 40,497, % Tintoretto Reinsurance Partners, L.P. 11/17 250,000,000 50,135, ,995, NA TPG - TAC 2007, L.P. 09/07 275,751, ,887, ,988, % TSSP Adjacent Opportunities Fund 07/13 200,000, ,098,738 73,451, ,388, % Tricon IX, L.P. 05/07 105,000, ,326, ,275,591 33,004, % Tricon XI L.P. 07/12 100,000,000 83,562,063 32,717,029 76,862, % TriGate Property Partners II, L.P. 06/12 50,000,000 37,253,101 21,209,702 31,018, % TriGate Property Partners III, L.P. 08/15 75,000,000 21,893, ,714 23,170, % Varde Partners Fund X, L.P. 09/09 100,000, ,000, ,161,675 47,325, % Varde Fund XI, L.P. 02/13 200,000, ,000,000 51,327, ,956, % The Varde Fund XII-C 03/16 200,000, ,000, ,632, % Vine Media Opportunities - Fund III, L.P. 08/13 100,000,000 92,388,781 18,454,407 85,605, % Vine Media Opportunities Fund IV, L.P. 04/17 100,000, NA NA VSS Structured Capital II, L.P. 06/08 75,000,000 76,275, ,111,468 17,967, % Wayzata Opportunities Fund II, L.P. 2 09/07 50,000, ,011,501 2,949,855 NA 16.5% Wayzata Opportunities Fund III, L.P. 03/09 150,000,000 68,415,000 32,591,254 36,021, %

7 Inception Through June 30, 2018 Cash Flow & Valuation Multiple Return Fund Current Annualized Inception Commit- NA NA Net Asset NA Return Alternative Asset Partnerships Date ment Value (NAV) Since Inception Activist Managers Cevian 04/10 100,000, ,629, % P2 10/10 100,000, ,008, % Starboard 06/11 175,000, ,933, % Hedge Fund Managers Anchorage Capital Partners, L.P. 09/11 150,000, ,816, % AQR Managed Futures II 02/15 250,000, ,825, % AQR Style Premia Fund, L.P. 05/16 150,000, ,922, % Benefit Street Credit Alpha, L.P. 12/15 150,000, ,182, % Caerus DT Fund LLC 08/14 375,000, ,832, % Canyon Value Realization Fund, L.P. 01/15 100,000, ,578, % Capula Global Relative Fund Limited 02/16 150,000, ,689, % DoubleLine Opportunistic Income LP 09/17 200,000, ,652, % Dymon Asia Macro Fund 03/16 100,000, ,518, % Elan Fund, L.P. 10/14 375,000, ,746, % Graham Absolute Return 02/16 150,000, ,856, % Graticule Asia Macro Fund LP 11/15 150,000, ,200, % Gruss DV Fund II, L.P 07/11 200,000, ,382, % HBK Fund, L.P. 09/13 150,000, ,836, % Highline Capital Partners QP, LP 03/11 150,000, ,441, % JHL Capital Group 02/14 100,000,000 46,107, % King Street Capital, LP 05/11 200,000,000 31,778, % Litespeed Partners, LP - Holdback 03/18 100,000,000 10,313, % Luxor Capital Partners, LP 12/13 100,000, ,811, % Marshall Wace Eureka 09/17 50,000,000 54,946, % Mason Capital Holdback 04/16 200,000, , % MKP Opportunity Partners, L.P. 05/14 150,000, ,126, % OZ Domestic Partners II, LP 07/12 200,000, ,515, % Scopia PX Fund, LP 03/12 100,000, ,207, % Taconic Opportunity Fund, LP 05/11 200,000, ,521, % Three Bridges Europe Fund, L.P. 03/13 75,000, ,243, % 1 Fund internal rate of return includes the cash-on-cash return net of fees, expenses, and carried interest, as well as the net asset value of State Board of Administration of Florida's interest in the partnership. 2 Negative paid-in capital, or positive NAV with 0 paid-in capital due to recallable distributions. 3 Market value and performance reflect remaining investment holdback. Because of the long-term nature of investing in private investments, funds can produce low or negative returns in the early years of the partnership. In the first few years of the partnership, management fees are drawn from partners' capital, and portfolio companies are held at cost, leading to a potential understatement of ultimate value. Due to numerous factors, including the lack of standardized valuation and reporting standards, the return information for private investments in this report may not reflect the expected returns of the partnerships. The returns contained in this report are calculated by or on behalf of the SBA and have not been reviewed by the general partners. Interim returns may not be meaningful or indicative of ultimate performance during the early stages of the investment life cycle. Some investment partnerships do not include management fees in the commitment; this may result in paid-in capital exceeding the commitment amount in those instances. Funds with NA (not applicable) have not yet commenced or are too young to have produced meaningful returns.